Last updated June 30, 2026
On March 31, 2026, the Receiver filed a motion with the Court (“Distribution Motion”) asking for approval to implement a proposed distribution plan (“Plan”).[1] A copy of the Distribution Motion may be found here. On April 27, 2026, the Court issued an order granting the Receiver’s Distribution Motion, overruling objections to the Distribution Motion and the Plan, and granting the Receiver’s motion to affirm Claim Determinations (see here). On April 30, 2026, the Court issued an order formally approving the Plan (see here).
On May 7, 2026, the Receiver filed a Notice of Plan Effectiveness, making May 7, 2026 the Effective Date of the Plan. A copy of the Final Plan may be found here.
On May 11, 2026, the Receiver filed a Notice of Initial Distribution setting forth (i) the total amount of the Initial Distribution, (ii) the Rising Tide Percentage, and (iii) a final schedule of Initial Distributions to Allowed Claimants, a copy of which may be found here.
On May 15, 2026, the Receiver issued Distribution Notices to all Allowed Claimants through the Claims Portal that contained detailed instructions on the amount of the Initial Distribution (if any) and, for Allowed Claimants receiving an Initial Distribution, instructions on how to complete and submit the Distribution Form to receive the Distribution. The deadline to submit completed Distributions Forms was June 15, 2026.
This FAQ answers questions you may have with respect to the Plan, any Distribution made pursuant to the Plan, and next steps regarding the Receivership. It is provided as a resource to summarize the proposed Plan. It is not intended to affect or supersede any provision of the Plan. To the extent there is a discrepancy between this FAQ and the Plan, the Plan, as approved by the Court will control.
[1] All capitalized terms not defined take the meaning ascribed to them in the Order Appointing Receiver; Memorandum of Law in Support of Receiver’s Motion to Establish Claims Administration & Determination Procedures; Claims Schedule; and the Distribution Plan.